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PM

Philip Morris

$89.93

-0.81 (-0.89%)

, BTI

British American Tobacco

$40.56

-0.85 (-2.05%)

07:58
03/25/19
03/25
07:58
03/25/19
07:58

Philip Morris price target raised to $102 from $90 at Citi

Citi analyst Adam Spielman raised his price target for Philip Morris to $102 from $90 citing the general increase in stock multiples. The analyst keeps a Buy rating on the shares. He did, however, reduce his earnings estimates for 2019 by 5% and for 2020 and beyond by 6% after Philip Morris' Canadian unit went into the local equivalent of Chapter 11. So far Canadian litigation has had little visible impact on tobacco shares, even for British American Tobacco (BTI), where the damages are much greater, Spielman tells investors in a research note. He thinks earnings reductions will affect Philip Morris in the short-term. However, in the medium-term the company's value will be determined by its success with reduced risk products, most notably iQos, says the analyst.

PM

Philip Morris

$89.93

-0.81 (-0.89%)

BTI

British American Tobacco

$40.56

-0.85 (-2.05%)

PM Philip Morris
$89.93

-0.81 (-0.89%)

02/27/19
UBSW
02/27/19
UPGRADE
Target $101
UBSW
Buy
Philip Morris upgraded to Buy from Neutral at UBS
UBS analyst Robert Rampton upgraded Philip Morris to Buy and raised his price target for the shares to $101 from $86. The stock closed yesterday down 11c to $86.51. The company's valuation hinges on its heated tobacco proposition, iQOS, Rampton tells investors in a research note titled "When death and taxes become less certain; upgrade to Buy." And he expects iQOS net revenue to grow from $4B in 2018 to $10.6B by 2021. Net of cannibalization, this translates to 8% annual organic revenue growth through 2021, or "well ahead" of Philip Morris' large European and U.S. peers, says Rampton. "Easy comparisons and a benign tax environment" for 2019 in key markets are also part of the analyst's upgrade to Buy.
02/27/19
02/27/19
UPGRADE

Fly Intel: Top analyst upgrades
Catch up on today's top analyst upgrades with this list compiled by The Fly: 1. Philip Morris (PM) upgraded to Buy from Neutral at UBS with analyst Robert Rampton saying the company's valuation hinges on its heated tobacco proposition, iQOS. 2. Boise Cascade (BCC) upgraded to Buy from Neutral at DA Davidson with analyst Steven Chercover saying that with the "irrational exuberance" having been shaken out of the stock, now is an "attractive entry point." 3. AptarGroup (ATR) upgraded to Outperform from Neutral at Baird. 4. W. R. Berkley (WRB) upgraded to Outperform from Neutral at Credit Suisse, while Cincinnati Financial (CINF) was upgraded to Neutral from Underperform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/06/19
JEFF
03/06/19
NO CHANGE
JEFF
Gottlieb resignation positive for tobacco sentiment, says Jefferies
The resignation of FDA commissioner Scott Gottlieb is a net positive for tobacco sentiment, particularly for British American Tobacco (BTI) as it should lessen concerns related to any possible action around a menthol ban near term, Jefferies analyst Owen Bennett tells investors in a research note. A potential delay to guidelines around e-vapour restrictions could also support both British American and Imperial Brands (IMBBY), adds the analyst.
03/06/19
MSCO
03/06/19
NO CHANGE
MSCO
Resignation of Gottlieb lowers near-term overhang on Altria, says Morgan Stanley
Morgan Stanley analyst Pamela Kaufman said she expects a positive reaction in tobacco stocks to the news that FDA Commissioner Scott Gottlieb will resign in April as it likely delays the agency's near-term tobacco control objectives. Gottlieb has been very vocal on tobacco regulation and his resignation creates a vacuum in leadership and uncertainty about the agency's strategy for tobacco control until a new head is appointed, though leadership at the Center of Tobacco Products remains intact under Mitch Zeller, Kaufman tells investors. While his resignation reduces the near-term regulatory overhang on Altria (MO), it could be a "mixed bag for e-cigs," as Gottlieb changed his tone last year due to the youth e-cig epidemic but he had previously increased leniency towards the category when he pushed out the PMTA deadline to 2022 from 2018, added Kaufman.
BTI British American Tobacco
$40.56

-0.85 (-2.05%)

01/07/19
COWN
01/07/19
DOWNGRADE
COWN
Market Perform
British American Tobacco downgraded to Market Perform at Cowen
As reported previously, Cowen analyst Vivien Azer downgraded British American Tobacco (BTI) to Market Perform from Outperform. The analyst is growing increasingly cautious on the outlook for combustible cigarettes in the U.S. as her model suggests cigarette industry volumes will likely fall at an 8% CAGR between 2018-2025 with price not serving as an adequate offset. Azer also downgraded the Altria Group (MO) to Market Perform from Outperform this morning.
01/29/19
PIPR
01/29/19
UPGRADE
PIPR
Overweight
British American Tobacco upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Michael Lavery upgraded British American Tobacco (BTI) to Overweight with an unchanged price target of GBP 30. The analyst views the stock's valuation as attractive at current levels and feels "modestly more comfortable" with Glo's patent litigation risk in Japan. Philip Morris (PM) is seeking a permanent injunction against British American Tobacco's Glo in Japan, claiming patent infringement on two of its patents, Lavery tells investors in a research note. While Japan appears to have a patent-friendly legal environment, British American "has several methods of defense," says the analyst. Further, he believes any earnings impact is likely modest and that the current valuation "already captures this risk." In addition, Lavery thinks risk of a potential U.S. menthol cigarette ban is already priced in with British American Tobacco shares down 65% in the past year. He also does not see risk to the company's dividend growth.
01/29/19
01/29/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nvidia (NVDA) upgraded to Buy from Neutral at UBS with analyst Timothy Arcuri saying the 20% fiscal Q4 revenue miss preannounced and the stock drop "finally sets the stage for a new positive revision cycle starting this summer." 2. American Express (AXP) upgraded to Overweight from Neutral at Atlantic Equities. 3. BlackRock (BLK) upgraded to Buy from Hold at Jefferies with analyst Daniel Fannon saying it is benefiting from both structural shifts in investor behavior as well as secular trends and he believes the company can continue to deliver industry leading organic growth and capital return. 4. British American Tobacco (BTI) upgraded to Overweight from Neutral at Piper Jaffray with analyst Michael Lavery saying he views the stock's valuation as attractive at current levels and feels "modestly more comfortable" with Glo's patent litigation risk in Japan. 5. 3D Systems (DDD) and Stratasys (SSYS) were upgraded to Overweight from Neutral at Piper Jaffray. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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Zumiez

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Crowdstrike

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CRWD

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16:35
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EPZM

Epizyme

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-0.48 (-3.04%)

16:35
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ESTA

Establishment Labs

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0.32 (1.33%)

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IDT

IDT Corp

$7.47

0.26 (3.61%)

16:34
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KODK

Kodak

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16:33
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PAC

GAP Airports

$99.66

-1.12 (-1.11%)

16:32
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JOE

Saint Joe Co.

$19.49

0.7 (3.73%)

16:32
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ALEC

Alector

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MGLN

Magellan Health

$76.79

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SWIR

Sierra Wireless

$9.15

0.12 (1.33%)

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Sierra Wireless CFO Dave McLennan retiring in mid-2020 »

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ASR

Asur

$167.79

-1.88 (-1.11%)

16:30
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AXNX

Axonics

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COO

Cooper Companies

$313.10

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16:30
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COO

Cooper Companies

$312.96

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BOLD

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$0.00

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ZUMZ

Zumiez

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0.67 (2.24%)

16:27
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ZUMZ

Zumiez

$30.63

0.67 (2.24%)

16:26
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Earnings
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COO

Cooper Companies

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BIIB

Biogen

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Conference/Events
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AHT

Ashford Hospitality

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